The Research On The Effect Of Carbon Information Disclosure On Enterprise Value Based On Investor Confidence

With the haze and global warming and a series of climate issues have become increasingly prominent,corporate carbon information has become the focus of attention from all walks of life.At present,the enthusiasm of China's corporate carbon information disclosure is not high,the fundamental reason may be that enterprises can't determine whether voluntary disclosure of carbon information will bring benefits to enterprises,is conducive to business development.Enterprise carbon information disclosure will give the enterprise value of what kind of impact and how can such a path through the formation of a series of problems,have become an urgent need to explore and solve the problem.In this paper,from the perspective of investor confidence,this paper constructs the carbon information disclosure evaluation system based on the content analysis method,constructs the investor confidence index by using the principal component analysis method,discusses the carbon information disclosure,the investor confidence and the enterprise The value of the three between the internal mechanism and the role of path,and the above carbon efficiency index constituent stocks 2013-2015 data for the study sample,the use of simultaneous structural equation model to start empirical research.The results show that the carbon information disclosure has a positive effect on the enterprise value,and the intermediary variable of investor confidence plays a part of the role of carbon information disclosure and enterprise value,that is,carbon information disclosure can be directly The positive impact on the value of the enterprise,but also by acting on the investor confidence,and then have a positive impact on corporate value.Finally,based on the research conclusion,the paper puts forward some policy suggestions to promote the level of carbon information disclosure in Chinese enterprises.The contribution of this paper is that,based on the unique perspective of investor confidence,this paper studies the value effect of carbon information disclosure,and breaks the research method of research from the single point of view of the enterprise itself,and has certain theoretical innovation.Secondly,this paper constructs the carbon information disclosure evaluation system and expands the content of the research on the carbon information disclosure framework.It can not only provide reference for the management of carbon information disclosure,but also provide a new theoretical basis and evidence for the future research support.